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Families in Business Blog

Family leaders think they are invincible when it comes to their health. They are just like a Frog in a pot.

You would not neglect to service you car or maintain your business assets. The key driver of any family business are people. How often do you do preventative maintenance on your own health?
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Whole of family conversations are necessary to ensure a smooth transition from one generation to the next

An insightful article from the UK by Howard Hackney LLP a specialist in family business. No matter the country, families in business have the same issues
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I am not sharing our secrets and I don't need help from outside the family

I couldn't tell you how many times I have heard this from older family business owners who will not let go and it frustrates the hell out of the next generation. To overcome this roadblock found with many family business owners, robust conversations are necessary.
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The sudden death of a family business leader is an extremely emotional time for family and staff.

Facilitating family business succession conversations is proving to be worthwhile by enabling the business to continue within the highly emotional period following the sudden and unexpected death of a senior family leader.
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A family business leader must command and not demand respect

Many older family business leaders tell me they are struggling with the concept of emotional intelligence. My answer to them is to read a book written in 1936 and if apply those principles you are on the way to understanding that it's not new but common sense
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Decision making is less stressful when you have a trusted mentor to use as a sounding board

It's extremely difficult to run a family business by consensus. In fact I think it's impossible.Someone has to take on the role of leadership. That could then place you in a position of isolation within the family group. Who is protecting you?
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Sometimes a difficult decision in Family Business is deciding if you need to get bigger

Many years ago our family business was faced with a problem. My Brother and I were experiencing rapid growth and had out grown our facilities. We had an external review of the business done and concluded that we were 'Growing Broke". We could no longer finance the growth from cash flow. Fortunately we had developed systems and reports that made it easy to see what was happening.
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Only one in three family businesses survive past the second generation

At a recent family business breakfast event I spoke about the inability of older family members to have open and honest conversations with all family members. One interesting statistic is the high percentage of business owners who fail to have succession discussions with their partner.
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Would you board a bus if you didn't know here it was going

It is not often that I come across a family business where the family leader and family members can articulate or paint a picture of what the vision of the future looks like. If your family business where a bus what would the destination say? Why would anyone get on board?
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Refreshing to be involved with a generation of young professionals and entrepreneurs

I get great delight in mentoring young executives. Next generation family members don't always have to work in the family firm. Some will take flight and go elsewhere and are successful in their own right. That is why many young Irish born people end up in Australia.
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